Category Archives: Research

Annual JLL Skyline Report Shows that Philadelphia Has Room to Grow

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JLL Skyline Report

As the summer months dwindle down, JLL has once again released our annual Skyline report: a comprehensive analysis of the buildings that shape our city skyline. What we found was a competitive skyline, with plenty of room to grow.

“Philadelphia’s skyline is in expansion mode,”… Read More

Philadelphia’s Market East Named Most Affordable and Desirable Retail Corridor

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 Philadelphia’s Market East Named Most Affordable and Desirable Retail Corridor 1

This May, JLL launched our first-ever City Retail Report with the goal of analyzing the most promising retail destinations across the country. We are excited (though not surprised) to say that Philadelphia came out on top! Thanks to… Read More

Office Highlights from the Philadelphia CBD and Suburbs

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Office Highlights for the Philadelphia CBD and Suburbs

If you’re examining Philadelphia’s Q1 office activity, published by JLL this April,  it seems that the CBD may be experiencing a calm before the storm:

  • Absorption remained sluggish due to the prevalence of small deals, modest tenant expansion, and key departures such as Dow from 100
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Rearranging in Q4: “Reverse Migrations” in the CBD and Tenant Shuffling in the Suburbs

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JLL Q4 2016 Stats for CBD and Suburbs

With a new year and a changing skyline, JLL has released Q4 2016 stats that are indicative of some interesting trends in the central business district and suburbs of Philadelphia.

CBD insights show that:   

  • Businesses’ “reverse migrations” eastward, such as Five Below’s relocation to 701 Market Street,
  • Read More

The State of Our Market

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Urban Land Institute’s 2016 Emerging Trends in Real Estate Outlook recommends, “Look to key secondary markets.” And many are following this advice.

Statistics to consider:

  • Philadelphia notched $9 billion in office transaction volumes around the region in 2015, up 44 percent year-over-year.
  • Nearly 30 million square feet is currently under development across all asset classes.
  • More than 100,000 millennials have moved to the city since 2006, representing a 6.3 percent increase in share of population
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An Update on JLL’s Construction Perspective

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Construction activity expected to grow in 2016, but the ascent will be slower.

2015 was a remarkable year for post-recession construction activity. The construction industry took one of the hardest-hits in 2009-2010, and has been slow to bounce back and rebuild their business activity – until 2015.

Highlights include:

  • Office space under construction peaked at 92.8 m.s.f.
    • Philadelphia was at 3.2 m.s.f. in Q4 2015
  • Construction costs increased in primary office markets, driven by skyrocketing labor
  • Read More

A Valuable Real Estate Partner in Philadelphia’s Booming Economy

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It’s an exciting time for Philadelphia, and no firm knows that better than us. 

“There’s a real buzz here,” says Mike McCurdy, managing director of the Philadelphia market. “Cranes are everywhere, and new retailers are coming in. Millennials through Baby Boomers are moving downtown, while key suburban markets remain strong. It’s the best economy I’ve seen in my 30-year real estate career here.”

Why here? Why now?

Philadelphia has historically maintained a fairly stable economy—never… Read More

Philly’s hotel boom: too much room at the inn?

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The recent hotel story in Center City Philadelphia is strong with average Saturday night occupancy at 88.2 percent and leisure room nights are up 273 percent since 1996. In June 2015 we saw a record-breaking occupancy across CBD. The seven hotel projects under construction will expand the CBD inventory by 1,800 rooms (about 16 percent) within the next 24 to 30 months. The performance of these deliveries will influence 1,500 additional… Read More

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What went on in the ‘burbs during Q3?

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Large deals made headlines in the third quarter of 2015, according to JLL’s Office Statistics and Insights, released in October:

Four investment sales took place totaling more than $211.5M in the King of Prussia/Wayne area.

  1. CrossPoint at Valley Forge, a recent redevelopment project at 550 E. Swedesford Road, sold for $328 per square foot, topping last year’s high watermark of 1000 Continental Drive by $22 per square foot.
  2. Liberty Property Trust continued its exit
  3. Read More